Premier Inn has signed a 25-year lease with CBRE Investment Management, on behalf of CBRE UK Property PAIF, on a 188-bed property in York in York.
Built by main contractor Clegg Construction, the four-storey building on a one-acre plot, formerly a retail warehouse leased by Carpetright on the city’s Foss Islands Road.
The development features multiple energy-saving technologies, such as air source heat pumps, heat recovery ventilation systems, LED lighting, photovoltaic panels, and electric vehicle charging points. Accordingly, the building has achieved an EPC A rating and is due to achieve a BREEAM rating of “Very Good”.
Jamie Philips, Fund Manager for UK Property PAIF at CBRE, said: “We expect growth in the hotels and catering sector to outpace the wider economy during the next five years. Tourism supports a significant number of jobs in York and given the strength of the city as a destination for tourists, combined with its current undersupply of hotel beds, the addition of a new modern and sustainable hotel will help to bolster York’s businesses and economy. This project sits firmly within the Fund’s strategy, providing a great opportunity to thoughtfully invest in and repurpose an existing asset, in order to create a long and sustainable cash flow for our investors.”
Clegg Construction MD Michael Sims added: “The site is a historically-sensitive city centre location in York, and I am delighted with how the Clegg Construction team conducted themselves with minimal disruption to local businesses and residents. The scheme achieved consistently high Considerate Constructors Scheme scores in audits taken throughout the contract. More than 80% of the workforce travelled 30 miles or less per day to reach the site – demonstrating our commitment to supporting the local community and to sustainability.”
“As a company, Clegg Construction is very happy to have now handed over this new development which I am sure will be an asset to York and its tourism and business communities, along with the local economy.”
